Alan Levy, President of Levy Realty Advisors, represented the purchaser in a deal that continues to underscore strong investor demand for well-located and functional suburban office properties.
Private investment group, SG Summit, LLC purchased Claire’s Corporate Plaza, a 50,141-square-foot medical and professional office building located at 3 SW 129th Avenue in Pembroke Pines, for $6.5 million, or $129.63 per square foot. The property was built in 1989.
CBRE marketed and negotiated the sales transaction on behalf of the seller, Rowland Schaefer & Associates, a Florida general partnership.
At the time of closing, the property was 92% leased and the anchor namesake tenant, Claire’s Stores, leased nearly 70% of the building. Levy Realty Advisors has been retained to lease and manage the property.
“The buyer is focused on the long-term value of the asset, and the strength of the local demographics and office submarket. The current plan is to continue a trend to full medical use of the asset as future rollover occurs given the building’s proximity to local hospitals and a number of retirement communities,” said CBRE Vice President Dominic Montazemi.
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